Van lives in san diego and runs a business that sells guitars. in an average year, he receives $851,000 from selling guitars. of this sales revenue, he must pay the manufacturer a wholesale cost of $476,000; he also pays wages and utility bills totaling $281,000. he owns his showroom; if he chooses to rent it out, he will receive $71,000 in rent per year. assume that the value of this showroom does not depreciate over the year. also, if van does not operate this guitar business, he can work as an accountant and receive an annual salary of $34,000 with no additional monetary costs. no other costs are incurred in running this guitar business. identify each of van's costs in the following table as either an implicit cost or an explicit cost of selling guitars.1) the wages and utility bills that van pays a) implicit cost or b) explicit cost2) the wholesale cost for the guitars that van pays the manufacturer a) implicit cost or b) explict cost3)the rental income van could receive if he chose to rent out his showroom a) implicit cost or b) explicit cost4) the salary van could earn if he worked as an accountant a) implicit cost or b) explicit costcomplete the following table by determining van's accounting and economic profit of his guitar business. profit(dollars)accounting profit economic profit 5) if van's goal is to maximize his economic profit, he (should or should not? ) stay in the guitar business because the economic profit he would earn as an accountant would be ($